Am I wrong in thinking that Russia's agreement with the London Club is a vindication of Daniel Davies' argument last month that defaulting on investors, properly handled, will induce them to write off a major portion of your old debt? And that they will still let you back into the capital markets in a short time? It's also interesting that this agreement with private creditors seems to be putting pressure on governments that lent to Russia to be less hardass. (Is the Paris Club always more hardass than private creditors? I notice they seem to be plenty hardass on Nigeria these days as well.)
Michael __________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com